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Now that we have established why we should care about making International Tax Mistakes, let’s discuss the five strategic traps which would expose you as Business Lawyers to making International Tax Mistakes. I will follow along in this handout that you all have; hopefully everyone has it. Let’s start with the Business Purity Trap. A […]
Let me give you an example from my practice; it’s a fairly recent example. I had a Client who was operating a business in one of the Southern states of the United States. Let’s say he had a product and that product wasn’t doing that well in the United States; so what he decided to […]
Let’s go to the next one: the Tax Dabble Trap. This is basically a belief that the Business Lawyer can advise on some or any International Tax issues related to Business Transactions even though he’s not a practicing Tax Attorney. Oftentimes this belief, comes from prior experience. Meaning a Business Lawyer perhaps was involved ten […]
Some years ago a Client (he was not a client at that time) inherited a Foreign Corporation. It was a mid-sized Foreign Corporation, and he was not the only owner there, but a partial owner, a minority owner. In a Foreign country, the classification of ‘Entity’ may not be exactly in line with the US […]
The Tax Dabble Trap sort of flows into the next trap; the Tax Law Uniformity Trap. In the same way the Business Lawyer believes he may be competent enough to advise on International Tax Law, he might think that there is no difference between US International Tax Law and US Domestic Law. For that person, […]